In early 2010—less than two years after the financial crisis forced the government takeover of Fannie Mae and Freddie Mac—Philippe Selendy and his partner Manisha Sheth travelled to Washington, D.C., to persuade officials at the Federal Housing Finance Agency that they had a good case against Wall Street. At the time, Selendy says, he didn’t hazard a precise estimate of how much money could be extracted from banks that underwrote and sold toxic mortgage-backed securities to Fannie and Freddie.
“I said it was my profound belief that FHFA was overwhelmingly correct on the merits, and if we had a chance to prove it, we would,” Selendy recalls.
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